Nicolet Bankshares, Inc. and MidWestOne Financial Group, Inc. today announced a definitive merger agreement. This will create a major community banking franchise in the Upper Midwest.
Under the proposed deal, Nicolet will acquire MidWestOne in an all-stock transaction valued at about $864 million. MidWestOne shareholders will receive 0.3175 shares of Nicolet common stock for each share they own. It values MidWestOne at $41.37 per share.
Based on September 30, 2025, financial results, the combined company will have approximately $15.3 billion in assets, $13.1 billion in deposits, and $11.3 billion in loans.
Nicolet’s network will expand to more than 110 branches and production offices across Wisconsin, Iowa, and eastern Minnesota. Also, across northern Michigan, Denver (Colorado), and Naples (Florida).
Mike Daniels, Chairman, President, and CEO of Nicolet, said the merger is transformational and welcomes MidWestOne’s employees, customers, and shareholders into the combined firm. Chip Reeves, CEO of MidWestOne, described the deal as a compelling strategic combination that preserves community bank values.
The transaction is expected to be about 37% accretive to 2026 earnings (excluding merger-related charges) and only mildly dilutive to tangible book value per share, with a negligible earn-back period. The merger is subject to regulatory and shareholder approvals. Also, it is targeted to close in the first half of 2026.
Together, the two banks seek to strengthen local decision-making and community banking service while gaining scale, enhanced digital tools, and greater lending capacity.
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News Source: Businesswire.com
